Mr. Cooper (Nationstar) Short Sale Application, Forms And Packages

Finding The Right Agent

The short sale process has many complications. The short sale is a relatively commonly occurring procedure but there are very few people that know how to deal with it properly. This is why finding the perfect experts is very important for the process. if there are any surprises they should be as less as possible. If you have not been able to figure out where to turn to for expert help we have got a large team of short sale experts Nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

In the begining steps of the short sale process, getting your property listed is also included. The lender will expect from you that you work with an agent so that the property gets a fair review. Just bringing the offer to the lender will not be allowed by them. Documents such as the MLS Listing and MLS History will be required as a proof that a property has been properly listed.

The process will not move forward as long as you do not complete this process and usually the first document that you will need to submit will be the listing agreement.

What is a short sale?

When the property is sold in an amount that is not enough to pay off all the debts in ths name of the property, this king of sale is known as short sale. If you don’t have an offer Mr. Cooper can’t review it. The other thing that they will see is what is the net amount you are making them after all the costs etc have been deducted from the amount. Past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply are all included in it.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

The potential buyers of a short sale should be ready to wait; Patience is important. A buyer that is patient is more important than the all cash buyer or even the buyer whose offer is higher than the others. Your broker will need to interview the potential buyers to make sure that they are solid. Only the buyer is not important but the broker representing is also very important.

Previously Approved Mr. Cooper Short Sale

To make it look like that the process with Mr. Cooper will be fast some brokers advertise that their short sale was  previously approved by them. Even if Mr. Cooper had approved their short sale in most of the cases a full review will still be required.

Submiting Your Short Sale Package to Mr. Cooper To Get The Process Going.

What is in the Mr. Cooper Mortgage Short Sale Package?

Generally the documents required by all the lenders including Mr. Cooper are the same. The documents which will be required a include: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning.

As you are a short sale seller so it will be required of that you provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.

Getting The Right Value Goes A Long Way.

Only after completing a value that a company like Mr. Cooper (Nationstar) can know whether you are eligible for the short sale or not. The value is completed in majority of the cases by an agent who reviews the comparables in the area. The agent reviews the properties that are listed in the area but more importantly the agent compares properties that were sold within 3 to 6 months. Many conditions are considered while reviewing which include home’s perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.

Market conditions and how fast homes are selling in the area are taken into consideration. There are many factors that are taken into consideration.

Short Sale Appraisal Values

The investor which Mr. Cooper is representing will require to complete a broker’s price opinion (B.P.O) by an agent because they are already taking a loss. But, In some of the cases the investor requires a deeper appraisal by an Appraiser. Appraisers have specific licenses that are for valuing properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.

Filing Value Disputes and Variances

what if the value returns too high? This happens to both the experts and rookies. Sometimes it does not matter how hard you try and meet regularly with the appraiser or broker and help them and give them data that they will use in their report but often they are not from that area and compare properties that have nothing in common

Mr Cooper’s Short Sale Time Line Coming To An End.

Once the lender has received all the values and the complete package it is then the admimistration or the undersigned will decide whether to present the case to the investor or not. Usually an auditting process occurs before presenting the file to the management and then there is another audit before issuing the approval letter

Mr. Cooper Counters Short Sale

At this time it is also possible for Mr. Cooper (Nationstar) to counter you short sale offer or reject it. To compete with either of this one needs a special set of skills that comes only with experience. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

Short sale is closed in a similar way to as how a typical escrow is closed. Once all the debt has been paid it is possible for you to continue with the regular escrow process. By Now a title search should have been issued to assure that all parties affiliated with the property have been dealt with.

Mr. Cooper Issues Short Sale Extension

We get this question all the time that what happens if the approval letter expires and we are not able to complete the short sale process. Honestly, there is not a simple answer to it. It depends on delinquency of the mortgage, whether the value they have expired, and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with Mr. Cooper’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are generally paid from the real estate comissions awarded to the agents involved and paid out of Mr. Cooper’s net).